Bitcoin (BTC) Needs a Hold Above $30,500 to Target $31,500

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On Sunday, bitcoin (BTC) rose by 0.18%. Following a 0.56% increase on Saturday, bitcoin finished the week up 1.51% to $29,898.

A bearish morning saw bitcoin fall to an early morning low of $29,517 before finding support.

Finding support at the First Major Support Level at $29,554, bitcoin struck an afternoon intraday high of $30,151.

Coming up against the First Major Resistance Level at $30,045, bitcoin fell back to end the day at sub-$30,000 for a third consecutive day.

For the bitcoin bulls, however, ending a nine-week losing streak could deliver much-needed support.

The Bitcoin Fear & Greed Index Hovers Deep in the Extreme Fear Zone

Today, the Fear and Greed Index rose from 10/100 to 13/100. The potential gain was humble, in any case, while considering bitcoin kept away from a 10th back to back week losing money.

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While remaining deep within the “Extreme Fear” zone, the Index continued to hold above May’s low of 8/100.

Chatter from lawmakers remained an area of interest over the weekend, with little else for the markets to consider.

Lawmakers talked of the risks to retail investors and the need for greater regulatory oversight, which limited the upside.

After brushing off a weekly loss for the NASDAQ last week, bitcoin tracked the NASDAQ in the early hours of this morning.

In recovery mode from Friday’s 2.47% sell-off, the NASDAQ Mini was up 42.75 points this morning.

Bitcoin (BTC) Price Action

At the time of writing, BTC was up 2.06% to $30,512.

A bullish beginning to the day saw BTC get through the First Major Resistance Level at $30,193 and the Second Major Resistance Level at $30,489.

Significantly, bitcoin moved through $30,500, a key resistance level.

Technical Indicators

BTC should hold over the Major Resistance Levels and the $29,855 turn to focus on the opposition at $31,000 and the Third Major Resistance Level at $31,127.

BTC would need the broader crypto market to support to return to $31,000 for the first time since May 30.

An extended rally would test resistance at $31,500.

A fall through the Major Resistance Levels and the turn would test the First Major Support Level at $29,559. Blocking a drawn out auction, BTC ought to avoid sub-$29,000 levels. The Second Major Support Level at $29,221 ought to restrict the drawback.

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Taking a gander at the EMAs and the 4-hourly candle outline (beneath), it is a bullish sign. Bitcoin sits over the 100-day EMA, presently at $30,256. The 50-day limited to the 100-day EMA. The 100-day EMA leveled on the 200-day EMA; BTC positive.

A move through to $31,000 would bring the 200-day EMA, currently at $31,686, into play.

For more information:

https://bitcoin.org/

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